Tech giant IBM has recently released its blockchain-based food supply chain management platform for full commercial use. Does the new platform solve any real-world problems or is IBM just jumping on the blockchain bandwagon?
Over the past few years, new waves of financial technology projects have come ashore, equipped with blockchain-based business models to try and solve all the problems in the world — problems both real and imaginary.
IBM saw a real-world problem with the inefficiencies in the worldwide agriculture and food supply chain and developed its newest product dubbed ‘IBM Food Trust.’
By using blockchain technology integrated into the supply chain, companies will be able to more quickly identify and fix any problems in real time, before it affects other links in the chain. In theory, this would save money and ensure a higher quality product.
The Other Guys
There are, however, other projects that have beaten IBM to the supply chain blockchain punch.
Waltonchain (WTC) uses both Radio Frequency Identification (RFID) and the Internet of Things (IoT) to track products through the supply chain with unprecedented levels of transparency and control.
Waltonchain is currently ranked 53 on CoinMarketCap with a total market cap of $128 million. The team secured a partnership this past summer with the Korean Standards Association (KSA) to open The Walton Blockchain Institute, an institute focused on the field of emerging blockchain technology and the training of future professionals in that field.
VeChain (VET) is ranked 19th on Coinmarketcap, making it the highest ranked supply chain focused project. It has a total market cap of $737 million.
VeChain has a similar approach to Waltonchain, using RFID chips and sensors to record information from the supply chain on the blockchain.
The VET team secured a partnership earlier this year with PricewaterhouseCoopers (PwC). PwC is currently ranked as ‘the second largest accounting firm in terms of revenue’ in the entire world.
IBM may have huge financial advantages and notoriety worldwide, but it seems they are up against some stiff competition.
Do you think using blockchain is a viable solution to mending problems in supply chain management? Let us know your thoughts in the comments below!